There is now no excess at the highs on either the short, intermediate or longer term time frames. The daily chart has just a single tick of excess, the weekly and monthly charts both have matching highs at 2398.00.

While a new regular session was briefly made in the S&P 500 pit session on Monday, electronic trading in the emini market failed to take out the previous session’s high at 2398.00. However, a new all time high was made in the overnight Globex trading session, before the U.S. market opened, at 2403.75.

There has never been an all time high that was created in an overnight Globex session that hasn’t been revisited during regular U.S. trading hours. While there are high odds of the weak high from Monday being repaired, there is no time table for that to happen, if it’s going to.

Price couldn’t find real acceptance above the April (inside month) high at 2394.75 on Monday, closing the regular session at 2395.00. The 11 TPO wide point of control at 2394.00 could provide an early clue Tuesday as to attempted direction.

Potential trade scenarios in relation to Monday’s inside day:

(the above, post and all posts on es-traders.com, is an interpretation of market generated information using the Market Profile, and the information contained within is to be used for informational purposes only and not to be construed as investment or trading advice. DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS WEBSITE. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Please read our disclaimer)

Subscribe: